CRYPTONIAN UPDATES: Largest Internet Retailer in the world Amazon Making Crypto Moves!
Almost everyone knows about the tech giant which started out as an online bookstore, which later became an e-commerce center for almost anything tangible. Apart from their e-commerce services, they are the world's largest provider of cloud and its infrastructure. In terms of value, it is ranked number four most valuable public company in the world. This is not some vain attempt to sing their praises but to stress the importance and implications that come into play when a such a gargantuan figure in the world of business decides to turn over to cryptocurrency.
Ever since CNBC reported amazon's cryptocurrency domain registration in early November last year, there's been a lot of tension and buzz when the words Amazon and Cryptocurrency are mentioned together. The registered domains are amazoncryptocurrency.com, amazoncryptocurrencies.com and amazonetherum.com and as such prompted the mindset that amazon was looking to either start trading in cryptocurrency or set up their own. The registered domain names have however been linked to a subsidiary of Amazon.com.Inc, Amazon Technologies.
The implications of an Amazon cryptocurrency exchange would be huge. In November, when the domains were registered by the company, the price of bitcoin shot up immediately after a rumor that Amazon would start trading in bitcoin. Bringing retail businesses into the front row of cryptocurrency use would herald a time of rapid adoption of cryptocurrencies as well as a large hike in their use all over the world. If Amazon coins were first used, it's only a matter of time until customers start trading it for other currencies such as bitcoin and altcoins. The inculcation of cryptocurrency into the Amazon platform as a medium of exchange is however like a beautiful dream, a hope that if realized would certainly be a significant boost to promote world wide acceptance and use. This could be world changing! The company has already gone on to mention two of the leading currencies, bitcoin and etherum, this could well represent a potential interest in them.
Amazon Coin Survey
A recent survey carried out by LendEDU showed that about 52% of the 1000 respondents were positive that they would conduct transactions if amazon were to enact the use of Amazon coins in the future. Of those using Amazon Prime, about 58% said they would consider using a company created currency. 22% said that they would use it and about 26% said they weren't sure.
About 49% of people said that they wouldn't object to using Amazon as their primary bank account and some 38.3% said they would only operate a savings account with Amazon. This is a new area for the company entirely and something that could be very beneficial to them and to the structure of the business. Such responses if considered objectively could open up a different side to the business, one which makes them stakeholders in the cryptocurrency market and opens them up to a vast number of people already trading in cryptocurrency.
Possible Brand Protection?
The amazonbitcoin.com domain name which was registered by amazon three years ago suggests that they do have some interest in owning cryptocurrency related domains, when clicked on, the domain (amazonbitcoin.com) takes you to the usual Amazon homepage. Its also possible that Amazon seeks to protect their brand buy buying out domain names to prevent them from ending up with someone else, it is pretty good initiative and not in anyway new, it's also well within their capacity to acquire as many potentially significant domain names as possible. These things however point to one thing and that is that an Amazon blockchain system may still be a long way from being a reality.
AWS refuses blockchain tech
Andy Jassy, CEO, Amazon Web Services said that the absence of blockchain technology from their system is a deliberate act as they do not want to be surrounded by such a technology because of it's popularity and the hype around it. Even though the number of companies using blockchain technology is rapidly increasing everyday, as it is very cool to use, the CEO has maintained that it is not a necessity. He however announced some new AWS related features, including the Internet of Things.
Watch and Wait
Many in the cryptocurrency industry have said that once it (cryptocurrency) is affiliated with a large company with a large user base worldwide, it would help strengthen the currency as a major means of trade globally and establish it as prime or the new face of money around the world. This would cause a complete restructure of the world's finance sector. Amazon fits the profile for this breakthrough, it's therefore no wonder that a lot of people are listening in.
There is an unconfirmed source however that says Amazon will launch their cryptocurrency blockchain in April so i guess now, it's just a matter of "wait and see" No harm ever comes from that.